MyMoney Online, Personal Finance with Warren Ingram, The Money Show with Bruce Whitfield

How to calculate how much money you need to never have to work again

South African rand notes. Picture: pixabay.com

How much is enough?

Many of those reading this article are working hard to earn enough money so they can invest and reach financial freedom.

Do you know how much money you need to be financially free?

Is there a simple calculation to work out how much you need?

Everyone will have a different answer because our lifestyle costs and goals are different.

The Money Show’s Bruce Whitfield interviewed Warren Ingram, a personal financial advisor at Galileo Capital.

Ingram told the story of an acquaintance of his who must work to cover his costs.

The acquaintance has a net worth of R50 million, but he's not financially free.

Another person he knows has assets worth R11 million; he’s decided never to work again.

Being rich is not the same as being financially free, explained Ingram.

For more detail listen to the interview in the audio below (and scroll down for quotes from it).

‘Enough’ is possible for every single one of us…

Warren Ingram, Personal Financial Advisor - Galileo Capital

If you spend R10 000 a month… the capital you need is R2.4 million…

Warren Ingram, Personal Financial Advisor - Galileo Capital

We become slaves to debt… We work for banks!

Warren Ingram, Personal Financial Advisor - Galileo Capital

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